October 16th , 2023
H-D Advanced Manufacturing (“HDAM”) has reached an agreement for the sale of Engineered Solutions Group (“ESG” or “The Company”) to The Timken Company (NYSE: TKR) of North Canton, Ohio. Headquartered in Houston, Texas, ESG manufactures proprietary thrust and radial bearings, primarily serving the oil and gas industry, anti-wear coatings through its proprietary “Intellifuse” coating technology and machining of components for downhole tools. The Company operates facilities in Alberta, Canada and Houston, Texas. The deal is subject to customary closing conditions and is expected to close in the fourth quarter.
“We are excited to bring our technology, manufacturing capabilities and leading market position to Timken,” said Blair Shimbashi, President of ESG. “Our entire team is committed to the future success of ESG as a part of Timken and we are confident that this transaction will allow us to provide the highest level of service to our customers.”
Backed by The Riverside Company, Hicks Equity Partners and Weinberg Capital, HDAM is an industry – leading manufacturer of precision products serving a variety of industries. Following the sale of ESG, HDAM will continue to operate its two other divisions: Overton Chicago Gear (“OCG”) and HDAM’s Aerospace and Defense division. Overton Chicago Gear is a Chicago-based manufacturer of gears, gearboxes and other power transmission equipment. HDAM’s Aerospace and Defense division manufactures precision components for both commercial and military aerospace applications, from facilities in Troy Ohio , San Diego and Irwindale California.
The Timken Company (NYSE: TKR) designs and manufactures a portfolio of engineered bearings and industrial motion products. Timken posted $4.5 billion in sales in 2022 and employs more than 19,000 people globally, operating from 46 countries.
Citizens M&A Advisory acted as sole financial advisor to HDAM in the transaction.
For further information, please contact: Don Brown, CEO of HDAM email@example.com